Mr. a, who has a 35 percent marginal tax rate, must decide between two investment opportunities, both of which require a $50,000 initial cash outlay in year 0. investment 1 will yield $8,000 before-tax cash flow in years 1, 2, and 3. this cash represents ordinary taxable income. in year 3, mr. a can liquidate the investment and recover his $50,000 cash outlay. he must pay a nondeductible $200 annual fee (in years 1, 2, and 3) to maintain investment 1. investment 2 will not yield any before-tax cash flow during the period over which mr. a will hold the investment. in year 3, he can sell investment 2 for $75,000 cash. his $25,000 profit on the sale will be capital gain taxed at 15 percent. assuming a 6 percent discount rate, determine which investment has the greater npv.